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DB-Synthetic Equity & Index Strategy-North America-US ETF Market Weekly Review-Equity ETPs dominated the weekly flows with $5.6bn in net redemptions
August 19, 2013--Data in this report is as of Fri, Aug 16th
Market and Net Cash Flows Review
Equity markets pulled back during last week. The US (S&P 500) fell by 2.10%; while, outside the US, the MSCI EAFE (in USD) slightly dropped by 0.07% and the MSCI EM (USD) rose by 0.76%.
In the meantime, performance was negative across all US sectors. Real Estate (-6.79%) and Utilities (-4.36%) recorded the biggest drop; The DB Liquid Commodity Index rose by 2.79%. Similarly, the Agriculture sector (DB Diversified Agriculture Index), the WTI Crude Oil, Gold and Silver prices rose by 1.47%, 1.41%, 4.75% and 13.13%, respectively. Moving into other asset classes, the 10Y US Treasury Yield rose 27 bps ending at 2.84%. Last but not least, Volatility (VIX) rose by 7.16% during the same period.
The total US ETP flows from all products registered $6.5bn (-0.4% of AUM) of outflows during last week vs. $0.3bn (+0.0%) of inflows the previous week, setting the YTD weekly flows average at +$3.2bn (+$107.2bn YTD in total cash flows). Last week’s outflows were greatly influenced by SPY, which saw $6.3bn in net redemptions.
Equity, Fixed Income and Commodity ETPs experienced flows of -$5.6bn (-0.5%), -$1.1bn (-0.4%) and +$0.2bn (+0.3%) last week vs. +$1.2bn (+0.1%), -$0.8bn (-0.3%) and -$34mn (-0.0%) in the previous week, respectively.
Among US sectors, Information Technology (+$0.1bn, +0.5%) and Energy (+$0.1bn, +0.0%) received the top inflows, while Financials (-$1.0bn, -1.8%) and Consumer Discretionary (-$0.7bn, -7.4%) experienced the largest outflows.
Top 3 ETPs & ETNs by inflows: EFA (+$0.6bn), VGK (+$0.4bn), EZU (+$0.3bn)
Top 3 ETPs & ETNs by outflows: SPY (-$6.3bn), IYR (-$0.6bn), EWZ (-$0.5bn)
New Launch Calendar: EM income and fundamental factors
There were seven new ETFs listed during the previous week on the NYSE Arca. EGShares added one new product offering access to high-yielding stocks in Emerging Markets; meanwhile, Charles Schwab launched six fundamental factor ETFs offering exposure to the US, DM ex US and EM with focus on Small Cap, Large Cap and Broad markets.
Turnover Review: Floor activity increased by 27.3%
Total weekly turnover increased by 27.3% to $274.2bn vs. $215.4bn from the previous week. Last week's turnover level was 1.7% over last year's weekly average. Equity, Fixed Income and Commodity ETPs turnover increased by $46.5bn (+24.4%), $7.3bn (+51.2%) and $4.6bn (+58.7%) during the same period, respectively.
Assets under Management (AUM) Review: assets dropped by $23bn
US ETP assets dropped by $22.8bn (-1.5%) totaling $1.501 trillion at the end of the week. As of last Friday, US ETPs had accumulated an asset growth of +12.6% YTD. Assets for Equity, Fixed Income and Commodity ETPs moved -$23.1bn, -$3.4bn and +$3.8bn during last week, respectively.
Visit https://eqindex.db.com/etf/ for report
Source: Deutsche Bank-Synthetic Equity & Index Strategy-North America
Bank of the West Adds to Investment Advisory Solutions with Introduction of Proprietary ETF Portfolios
August 19, 2013--Bank of the West Wealth Management today announced the launch of Bank of the West ETF portfolios. The portfolios incorporate ETFs selected by the group's Investment Advisory and Management Team to provide exposure to a global set of investment opportunities.
Combined with the Bank's recently launched mutual fund portfolios, the ETF portfolios mark the second major enhancement to its open architecture Investment Advisory Solutions (IAS) platform in the past several months. Previously, these portfolios were only available to the firm's Trust Services clients.
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Source: PR Newswire
Direxion Announces Reverse And Forward Share Splits Of Nine ETFs
August 19, 2013-- Direxion, a leader in alternative investment solutions, has announced it will execute reverse share splits for seven of its leveraged exchange-traded funds ("ETFs"), as well as forward share splits for another two leveraged ETFs.
The total market value of the shares outstanding will not be affected as a result of these splits, except with respect to the redemption of fractional shares.
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Source: Yahoo Finance
U.S. program to curb stock price swings triggered frequently
August 19, 2013--The roll-out of a new program to limit wild price swings in publicly traded securities triggered dozens of trading halts on Monday as highly illiquid names were phased into the program.
By the session's end, 48 exchange-traded products (ETPs) had been halted or paused on NYSE Arca, a unit of exchange operator NYSE Euronext, according to trading information provided by exchange operator Nasdaq OMX Group Inc.
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Source: Chicago Tribune
About 40 ETFs Are Halted During Volatility Brake Implementation
August 19, 2013--Trading was briefly halted today in about 40 exchange-traded funds and notes when the securities were added to a program aimed at curbing sudden price swings.
Most of the ETNs and ETFs trade so seldom that there probably wouldn’t have been any transactions even if they hadn’t been halted, data compiled by Bloomberg show. They were set off during implementation of the protocol known as limit up/limit down that pauses securities when bid-ask spreads become too wide, according to NYSE Euronext.
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Source: Bloomberg
ETFs hot on Dimensional's trail
BlackRock, Schwab, Northern Trust have new funds based on strategy, research
August 18, 2013--Exchange-traded-fund companies are following in the footsteps of financial adviser favorite Dimensional Fund Advisors Ltd. and building new products around academic research to offer investors a new way to beat the market.
BlackRock Inc.'s iShares, Charles Schwab Investment Management and Northern Trust Corp.'s FlexShares are among the firms that have recently launched ETFs based on investment factors such as value, profitability, size and momentum.
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Source: Investment News
Mutual Funds Use ETFs as a Shortcut
ETFs have become increasingly popular with all sorts of investors-including mutual fund managers. More than 100 mutual funds have 80% of their assets in ETFs, which are cheaper and more efficient to trade. So why are the mutual funds that invest in them more expensive?
August 17, 2013--File under: If you can't beat 'em, join 'em.
The popularity of the $1.5 trillion exchange-traded-fund industry is indisputable. But what's surprising is how popular ETFs have become with mutual-fund managers.
In fact, the past five years have seen the launch of about 100 funds that hold at least 80% of their assets in ETFs, according to Morningstar. And it's becoming more and more common for managers of conventional mutual funds to use ETFs here and there for "tactical" purposes.
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Source: Barron's
Regulators Issue Joint Staff Review of Firms' Business Continuity and Disaster Recovery Planning
August 16, 2013--The Commodity Futures Trading Commission's (CFTC) Division of Swap Dealer and Intermediary Oversight today joined the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) in issuing a staff advisory on business continuity and disaster recovery planning.
The advisory follows a joint review by regulators in the aftermath of Hurricane Sandy, which caused widespread damage to Northeastern states and closed U.S. equity and options markets for two days in October 2012. The CFTC’s Division of Swap Dealer and Intermediary Oversight, the SEC’s Office of Compliance Inspections and Examinations (OCIE), and FINRA issued the advisory to encourage firms to review their business continuity plans so as to improve responses to and reduce recovery time after significant large-scale events.
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Source: CFTC.gov
CFTC.gov Commitments of Traders Reports Update
August 16, 2013--The current reports for the week of August 13, 2013 are now available.
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Source: CFTC.gov
Regulators Issue Joint Staff Review of Firms' Business Continuity and Disaster Recovery Planning
August 16, 2013--The Commodity Futures Trading Commission's (CFTC) Division of Swap Dealer and Intermediary Oversight today joined the Securities and Exchange Commission (SEC), and the Financial Industry Regulatory Authority (FINRA) in issuing a staff advisory on business continuity and disaster recovery planning.
The advisory follows a joint review by regulators in the aftermath of Hurricane Sandy, which caused widespread damage to Northeastern states and closed U.S. equity and options markets for two days in October 2012. The CFTC’s Division of Swap Dealer and Intermediary Oversight, the SEC’s Office of Compliance Inspections and Examinations (OCIE), and FINRA issued the advisory to encourage firms to review their business continuity plans so as to improve responses to and reduce recovery time after significant large-scale events.
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Source: CFTC.gov
